Housing sales expected to exceed Rs 1 lakh cr in 2023, Rs 2 lakh cr by 2030: Report

The real estate landscape in Mumbai is poised for substantial growth as housing sales are projected to exceed Rs 1 lakh crore (approximately $13.5 billion) this calendar year and could potentially soar to Rs 2 lakh crore (around $27 billion) by 2030, driven by surging demand, according to a comprehensive report unveiled by the National Real Estate Development Council (Naredco) and property consulting giant JLL India. The report, aptly titled “Unlocking Opportunities with Infrastructure Development,” was presented in Mumbai.
Mumbai continues to stand as one of India’s largest residential markets, contributing an impressive 40 percent to the total residential sales value within the country. Moreover, when it comes to the sheer number of housing units sold, the Mumbai market captures a substantial 25 percent share of the total sales volume across seven major Indian cities.
The report highlights a remarkable resurgence in Mumbai’s real estate sector, with 2022 surpassing 2018 in both sales value and volume. Furthermore, it anticipates a continued upward trajectory in 2023, with residential sales value likely to surpass the Rs 1 lakh crore threshold. Looking ahead, the report projects that Mumbai’s housing market could achieve the Rs 2 lakh crore milestone by the year 2030.
To provide some context, Mumbai registered housing sales amounting to Rs 90,552 crore in the entire 2022 calendar year and Rs 50,075 crore in the first half of the current calendar year. In the pre-pandemic era, housing sales in Mumbai reached Rs 60,928 crore in 2019 and Rs 66,820 crore in 2018.
The resurgence of Mumbai’s housing market in 2022 is a testament to its robust recovery, marked by an increase in both sales value and volume. Sandeep Runwal, President of NAREDCO Maharashtra and Managing Director of Runwal Developers, expressed his optimism, stating, “Maharashtra is amid a remarkable transformation driven by the visionary approach of its government towards infrastructure development. The opportunities that lie before us are boundless, and it is our shared responsibility to harness them, for the betterment of the state and the advancement of the real estate sector.”
Karan Singh Sodi, Senior Managing Director for Mumbai, MMR, India at JLL, shed light on an interesting trend, noting, “Individuals have a preference for staying close to office markets. Owing to this, residential clusters in proximity to office markets have flourished and attracted steep prices, whereas those with limited connectivity have trailed.”
In the luxury housing segment, Mumbai’s real estate market has shown consistent growth over the past three years. Ashwin Chadha, CEO of India Sotheby’s International Realty, emphasized, “The surge in demand has propelled both supply and prices, leading to an anticipated expansion in market size.”

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